BACK PAGE, P22 COMPANIES, P4 INTERNATIONAL, P18 Nobel for pioneers in machine learning Margins to hit 22% in 3-4 years: Tata Tech MD Proposal to boost online search competition in US MUMBAI, WEDNESDAY, OCTOBER 9, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXIV NO. 240, 22 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 81,634.81 ▲ 584.81 NIFTY: 25,013.15 ▲ 217.40 NIKKEI 225: 38,937.54 ▼ 395.20 HANG SENG: 20,926.79 ▼ 2,172.97 `/$: 83.96 ▼ 0.01 `/€: 92.26 ▲ 0.24 BRENT: $78.06 ▼ $2.87 GOLD: `75,279 ▼ `377 FE BEST BANKS AWARDS Indian regulators doing ‘world-class job’: FM EXPRESS PHOTO: PRADIP DAS Balance between over- and under-lending creates “Best Banks” FE BUREAU Mumbai, October 8 ing Infrastructure and Development (NabFID).“Over-lending means the risk(of)insolvency.Under-lending,on theotherhand,affectsprofitsandeconomic growth.Banks will have to be carefullybalancingbetweenthetwo... therightprudenceoflendingtocreate profits,whilekeepingawayfromrisks, iswhatcreatesBestBanks,”shesaid. Amidconcernsoveranewboutof populism in the run-up to the 2024 general elections and thereafter,the minister sought to differentiate between what is being referred to as“freebies” (profligate welfare spend), which she is firmly against, and keeping“awelfare kitty that can be supported by the Budget, and is in alignment withthefiscalsituation.” She, however, noted that some state governments were giving promises they couldn't sustain,and citedcommittedexpenditureofafew ofthemreachingstaggeringlevelsof 50-80% of their total budgets.Such states,shesaid,woulddobetterwitha medium-term plan to ensure that “their finances are (sufficient) to spendfordevelopmentaspirations.” The minister urged the states to findnewersourcesofrevenues,rather than being confined to conventional areas. FINANCE MINISTER NIRMALA Sitharaman on Tuesday put up a strongdefenceofIndia'sfinancialsector regulators, saying they have brought“greater transparency into the system,” with a“world-class job” thatpeerselsewherelookedupto. In a fireside chat with Financial Express EditorShyamal Majumdar at the FE Best Banks Awards in Mumbai on Tuesday, Sitharaman iterated that her comments weren't specifically regarding the recent allegationsagainstSebi chairperson Madhabi Puri Buch,but said“there's a lot to be lookedintointermsofthefactswhich arecomingoutonthismatter. “I'mnotagainstanykindofquestioning,review,orcritiquing(ofregulators), but we have to be extremely conscious thatwe look at ourregulators for what they've done,”Sitharamansaid,citingthe“rapidlygrowing” Indianmarkets,banksandtheinsurancesector. The minister also called upon banks to strike a prudent balance betweenover-andunder-lending,and desistfromhigh-risk,long-termfunding of infrastructure and other projects,forwhich there are designated lenderslikeNationalBankforFinanc- 7.90 % FOR 444 DAYS FD 1800 419 8300 (Toll Free) Follow us @PSBIndOfficial SEBI MANDATES DUE DILIGENCE FORAIFs TO CURB MISUSE THE SECURITIES AND Exchange Board of India on Tuesday issued guidelines directing investors in AIFs to exercise due diligence in order to prevent circumvention of regulations and ever-greening of loans. ■ PAGE 6 HYUNDAI IPO NEXT WEEK; PRICE LIKELY AT`1,865-1,960 HYUNDAI MOTOR INDIA'S IPO will open next week for subscriptions and will likely be priced at `1,865-1,960 per share, sources said on Tuesday, reports Reuters. ■ PAGE 4 Finance minister Nirmala Sitharaman and The Indian Express Group’s executive director Anant Goenka with the winners of the FE Best Banks Awards in Mumbai on Tuesday ■ WINNERS LIST ON PAGE 6 WITH A BILLION BANK ACCOUNTS, A BILLION MOBILES & A BILLION DIGITAL IDENTITIES, DEVELOPMENT CAN TRULY BE DEMOCRATISED NON-FOOD CREDIT, WHICH GREW 15-16% IN 2023-24, HAS SUSTAINED THAT RATE IN JAN-JULY THIS YEAR AS WELL Continued on Page 7 BJP retains Haryana for historic third term National Conference steers INDIA bloc to victory in J&K polls MAHA CONTESTAHEAD HARYANA MANOJ C G & LIZ MATHEW New Delhi, October 8 IFAWEEK is a long time in politics,a day can also shape perceptions — and larger political narratives.Tuesdaywas such a day for the BJP: four months after it suffered a setback in Lok Sabha elections losing seats in several north Indian states and prompting the Congress and the Opposition to rejoice and celebrate, the ruling party created history in Haryana registering a resounding victory that would give it a third term in power. It also improved its tally in Jammu and Kashmir and, more importantly, its government at the Centre claimed credit for ensuring that the elections were held and an elected UTAssemblywas in place — its powers severely limited — for the first time since the state was split and its special status abrogated. The verdict holds multiple messages and has political implications. The Congress hoped a victory in Haryana would have strengthened the MAJORITY: 46 Total seats BJP 48 INC 90 INLD 37 Others 2 JAMMU & KASHMIR 3 MAJORITY: 46 Total seats NC+INC 90 BJP 42+6 29 PDP 3 Others 10 narrative that the BJP was losing its grip in parts of north India and elsewhere.And that the Congress —as also the INDIA bloc — is reviving under Rahul Gandhi with his aggressive focus on caste mobilisation. Continued on Page 7 NARENDRA MODI , PRIME MINISTER EXPLAINER “ONCE THE PEOPLE THROW OUTTHE CONGRESS, THEY DO NOT LET IT COME BACK. THEY PUT 'NO ENTRY' BOARDS FOR CONGRESS... IT IS A PARTYTHAT ALWAYS THOUGHT POWER WAS ITS BIRTHRIGHT." Why SCO remains relevant for India ■ PAGE 9 GIC weighs $5-bn Greenko sale MANUEL BAIGORRI, ELFFIE CHEW & BAIJU KALESH October 8 GIC IS CONSIDERING options for its 50% stake in India’s Greenko Energy Holdings, including a possible sale that could beworth around $5 billion, people familiar with the matter said. The Singaporean sovereignwealth fund is in initial discussionswithfinancialadviserstohelp evaluate a full or partial sale of its holdinginGreenko,thepeoplesaid, askingnottobeidentifiedbecause the matter is private.A deal could valuetherenewableenergyfirmat GREEN ENERGY BET ■ Adeal couldvalue Greenko Energy Holdings at about $10 bn ■ Prospective investors include infrastructurefocused funds, sovereignwealth funds ■ Talks at early stage and GIC may not pursue the 50% stake sale about $10 billion,theysaid. Prospectiveinvestorsinclude infrastructure-focused funds, sovereign wealth funds and other energy companies, the people said. Considerations arepreliminaryandGICmay decide not to pursue a sale,the peoplesaid. Greenko, which has other backers including Abu Dhabi Investment Authority,known as ADIA,and Japanese financial group Orix, may also seek to raise funds in the coming months to help its growth, another person said. A representative for GIC declined to comment.When asked about GIC’s plans, Greenkosaidtheinformationwasincorrect, without elaborating. Greenko has 7.5 gigawatts of net installed capacity across wind, solar and hydropowerin15statesinIndia.Lastyear,it raised $700 million from GIC,ADIA, Orix and the company’s founders to invest in pumped storage projects. --BLOOMBERG CPI, WPI BASKETS DON'T SEEM TO HAVE MUCH OF A COMMONNESS... CPI INCLUDES SOME ITEMS WITH NO CONTEMPORARYVALUE NIRMALA SITHARAMAN, FINANCE MINISTER